Credit union entertains purchase offer by Kum & Go

Kum & Go LC has made a proposal to buy the Community Financial Credit Union property on East Walnut Lawn Street, officials with the financial institution said yesterday.

CFCU executives say they are exploring the option and moving forward with the sales process.

“The sale of our Walnut Lawn property is a very strong step in our strategic growth plan,” CFCU President and CEO Loretta Roney said in a news release. “The process puts us in a position to explore new branches and technology, and find new channels of convenience to better serve our members and their busy lives.”

Kum & Go operates a gas station and convenience store adjacent to CFCU’s 1220 E. Walnut Lawn St. branch.

The West Des Moines, Iowa-based chain has been on a buying spree in the Springfield area, where Kum & Go is investing up to $30.5 million to update properties. Rollout of the multiyear plan has involved strategic acquisitions of properties near existing fuel stations and c-stores to relocate into new structures in its Marketplace concept. A store in Republic was the third in the Kum & Go chain built in the Marketplace design, which typically exceed $4 million in development, and four others are underway in Springfield.

The next steps with CFCU involve industry and city approvals, as well as a feasibility study to identify potential relocation sites. CFCU operates branches on Walnut Lawn and on Tampa Street.

Credit union officials say if the sale is approved, the deal could close as early as June 2017. The release did not state whether terms of the offer have been determined.

Founded in 1935, CFCU serves some 7,500 members and has assets exceeding $61 million. Membership is open to those who live or work in a nine-county area surrounding Greene, as well as employees of select employee groups.

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